| dc.contributor.author | Ådland, Roar Os | |
| dc.contributor.author | Jia, Haiying | |
| dc.contributor.author | Strandenes, Siri Pettersen | |
| dc.date.accessioned | 2006-07-11T10:49:19Z | |
| dc.date.available | 2006-07-11T10:49:19Z | |
| dc.date.issued | 2006-03 | |
| dc.identifier.issn | 0804-6824 | |
| dc.identifier.uri | http://hdl.handle.net/11250/162760 | |
| dc.description.abstract | The purpose of this paper is to investigate the hypothesis that the supercycle in the
drybulk freight market between 2003 and 2005 caused asset values in the second -hand
market to deviate from underlying fundamentals. We test the instantaneous equilibrium
relationship between the actual second-hand values and those implied by the newbuilding
and freight market conditions in a Vector Error Correction Model (VECM) framework.
We also estimate and account for, for the first time, the time-varying delivery lag in the
newbuilding market. Our empirical results suggest that the second-hand market was
closely cointegrated with the fundamental freight and newbuilding market with no evidence of a short-term asset “bubble”. | en |
| dc.format.extent | 60280 bytes | |
| dc.format.mimetype | application/pdf | |
| dc.language.iso | eng | en |
| dc.publisher | Norwegian School of Economics and Business Administration. Department of Economics | en |
| dc.relation.ispartofseries | Discussion paper | en |
| dc.relation.ispartofseries | 2006:13 | en |
| dc.subject | newbuilding prices | en |
| dc.subject | second-hand market | en |
| dc.subject | asset bubble | en |
| dc.subject | market integration | en |
| dc.title | Asset bubbles in shipping? : an analysis of recent history in the drybulk market | en |
| dc.type | Working paper | en |
